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Heathrow lands in Swiss francs, Austria extends green curve

International borrowers dominate this week's flow in the currency
Gulf AT1 deluge will be a challenge, with or without drone strikes

Easing won't be easy for new Fed boss

Lower rates will need lower inflation — and an FOMC consensus

CLOs prop up loan prices, betting on short Iran war

Leveraged loan prices have rallied from their post-war dip, with CLO demand remaining strong despite subdued LBO activity
Gulf AT1 deluge will be a challenge, with or without drone strikes
Sub-sections
  • Westpac is set to sell its first green tier two deal later this week, becoming the latest financial name to tap growing demand for labelled subordinated debt.
  • Swedbank is trailing a data-driven approach to sustainable loan origination that uses technology to automatically generate sustainable lending opportunities.
  • Shinhan Financial Group sold a Basel III-compliant additional tier one bond with a sustainability label this week, funnelling some of the proceeds from the $500m trade to Covid-19 relief efforts.
  • The Republic of Chile, until recently a rare issuer in international bond markets, sold its fourth cross-border bond of 2021 on Tuesday, becoming the fourth Latin America sovereign of the year to take advantage of a more liquid 20 year US Treasury to price a benchmark at that maturity.
  • Europe’s high grade corporate bond market saw an abundance of mandates on Tuesday, suggesting that the bullish hopes from some corners of the banking world for May’s primary market might be fulfilled.
  • The Pfandbrief market is in the middle of a tumultuous year which includes not only the adoption of the EU's Covered Bond Directive but also digesting the bloc's Taxonomy for Sustainable Activities. Of course, this is all happening against the backdrop of the coronavirus pandemic and lockdowns, which have hit the commercial real estate market that underpins much of the product. Jens Tolckmitt, chief executive of the Association of German Pfandbriefbanks (vdp), spoke to GlobalCapital about how the market has coped.